Running a business can be a rewarding career for many people – for many others, it can be nothing but a nightmare with bankruptcy their only escape. With over 70% of new businesses failing within the first two years, the chances of success for most new businesses is limited from day one. If you’re in [...]
The bankruptcy process for businesses in general is through a Chapter 11 filing. We covered this topic in an early post, Bankruptcy Provisions For Business, where we looked at how the Chapter 11 process worked for all businesses. Small businesses can be dealt with in slightly different ways. Bankruptcy is a serious issue so for [...]
One of the most common forms of bankruptcy that people will hear about is a Chapter 11 petition for bankruptcy. You will often hear news items where a certain business has applied for a voluntary Chapter 11 petition for bankruptcy. You will also hear about involuntary petitions for bankruptcy. Chapter 11 is used for businesses [...]
Primary producers such as family farmers and family fishermen that are financially stressed are able to apply for bankruptcy under a special provision known as a Chapter 12 bankruptcy application. The Chapter 12 bankruptcy application is treated in a similar way to a Chapter 13 in that the debtor can suggest an scheme of payments [...]
